Shares of Infosys on Friday crashed 10 per cent after earnings announcement. Infosys has revised downward its revenue guidance for FY17, triggering a sharp selloff in its shares. The stock was the top loser in the Nifty50 index.
Infosys, India’s second largest outsourcer, expects FY17 revenue to grow at a slower pace between 10.5 per cent and 12 per cent in constant currency versus its previous estimate of 11.5-13.5 per cent. Infosys CEO Vishal Sikka has pegged slower project ramp ups in large deals as one of the prime reasons for lower growth in Q 1 results.